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Paysafecash: enabling cash payments online

For millions of consumers worldwide, cash remains their preferred payment option because it is still perceived as the safest way to pay. Most people don’t really trust credit cards if paying online as they feel uncomfortable when transmitting their bank or credit card details. These cash paying shoppers represent a massive growth potential for online merchants worldwide.

Paysafecash is a new alternative cash payment solution that makes it possible to pay over the internet securely and simply in cash. This enables people to buy online even if they have no access to credit cards or online banking or do not want to provide their financial data for their internet payments for security reasons.

Paysafecash has been specifically developed for the needs of online merchants operating within the eCommerce sector, such as e-retail. It stands out through its very secure and customer-friendly payment process.

The customer payment process is very easy

Customer generates barcode

After selecting a product or service in an online store, the customer selects “Paysafecash” as the payment method and is presented a QR/barcode. This code can then be loaded to his wallet, sent to his mobile phone or be printed out.

Customer finds nearest payment point

Using the search function on the website or in the Paysafecash app, the customer finds his nearest Paysafecash payment point.

Barcode is scanned & paid

After the barcode is scanned by the sales person at the payment point, the customer pays the open amount in cash. The merchant/online shop is then immediately informed and instructed to process the sale. 

Is accepting cash payments relevant for e-retailers in 2018?

Offering the capability to pay with cash for online goods or services is extremely important to a large percentage of consumers. Research has revealed that 9% of eCommerce payments in Europe are currently settled in cash, proving that the appetite for paying in cash does already exist. And in many European countries, this percentage is much higher, meaning that for online merchants targeting consumers in these regions with a comprehensive yet simple method for accepting cash payments is of paramount importance.

One of the by far most convincing arguments for merchants when choosing the payment options for their web stores is the fact that with cash payment on the internet the so-called "friendly fraud" is simply not possible. The study results show clearly that “friendly fraud” or "charge backs" is one of the form of fraud that damages online retailers the most. Taking other forms of fraud into account, more than 40% of "Lost in Transaction" respondents reported that more than 5% of their transactions were of a fraudulent nature.

In addition to the consumers that are already paying with cash online, there are other identifiable groups of consumers who would spend money online on certain goods or services but are currently unable to do so. The most obvious of these groups is the unbanked; consumers whose entire financial world revolves around cash.

Why does it make sense for e-retailers to offer a cash payment method?

  • It generates incremental revenue, as it opens access to untapped customer groups
  • No implementation costs, no monthly fixed costs
  • 100% payment guarantee, no chargeback risk

According to Udo Müller, Paysafe’s CEO, he believes Paysafecash has the potential to drive millions of additional shoppers online representing a true growth driver for digital shopping and online retailers. When developing Paysafecash, we wanted to create a pioneering cash solution that challenged other digital payment products out there and Paysafecash offers some truly unique features such as being the only cash solution that can be used to load funds into digital wallets.

Market availability and expansion

Paysafecash is already live in 16 markets including Austria, Croatia, Hungary, Italy, Poland, Portugal, Spain, the UK and as a first country outside of Europe also in Canada. Another 27 countries are on the map, until the end of 2018.

Paysafecash is a new product of paysafecard and part of the Paysafe Group, a global provider of payment solutions. With over 20 years of experience in payments, Paysafe has a combined transactional volume of US $56 billion in 2017 and over 2,600 staff located in 12+ global locations. Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.

To learn more about how e-retailers and their new customers will benefit from Paysafecash, just go to www.paysafecash.com/brings-cash-online.

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